And Now, To Greece..

Greece: Prime Minister George Papandreou survives by just 12 votes

GREECE'S prime minister survived a key confidence vote, keeping alive a government bid to avert a debt default that could spark a financial maelstrom around the world.

MPs voted 155 to 143 along party lines last night to back George Papandreou, who now faces a critical vote next week on a massive austerity package that Greece's international creditors have said must pass by the end of June.

He is seeking 28 billion euro (s24.8bn) in budget cuts and new taxes and 50 billion euro (s44.3bn) worth of privatisation of public assets. Unless the new measures pass, Greece will not receive the next batch of bailout funds worth 12 billion euro (s10.6bn), and will face a disastrous default in July, when it runs out of money.

A default by Greece could drag down Greek and European banks and renew fears over the finances of other eurozone countries such as Portugal, Ireland and Spain.
And:
As deputies voted, several thousand protesters gathered outside parliament chanting "Thieves! thieves!", shining green laser lights at the parliament building and into the eyes of riot police. Continuing strikes by electricity company workers objecting to privatisation caused a second day of rolling power cuts.

This anger doesn't seem to be factored as a tangible power.  But it is, and it's just begun to fester.

If Greece Defaults, What Happens to Portugal and Ireland—and Spain?

From Gonzalo Lira.  Yet another Catastrophe befalling mankind in the beginning days of its expansion.  Excerpts:

So if Greece goes down the tubes, Ireland and Portugal would almost immediately need a bailout: They would not be able to borrow on the open markets the money they need in order to continue funding their governments.

That is, if Greece defaults, the Irish and the Portuguese would suddenly find themselves without the money to fund elementary schools, ambulances, sewer systems, power grids, etc.

So! What is the European leadership doing?

Dithering! They are not approving a Greek bailout—and they are not giving a clear signal that Greece will be booted out of the eurozone, but Ireland and Portugal will be protected. In other words, the European finance ministers who are supposed to “stabilize the markets” are creating the conditions of uncertainty in the markets—

—which only hurts Ireland and Portugal.

Now, why is defending (financially speaking) Ireland and Portugla essential?

In a word, Spain.
And:
It’s as simple as that. Spain is too big—roughly half the size of Germany. If Spain goes, it will drag down all of the European continent with it—that is, bank failures (on both sides of the pond), a crash of the eurozone as a currency, massive unemployment, a European economy that would grind to a halt—

—basically, the worst parts of the Great Depression.

It doesn't look like Greece as-it-is-now will remain much longer.  The inevitability of financial "obligations" versus the needs of the populace will continue to escalate towards violence towards whatever outcome eventually occurs.  It's like watching an Impact in slooow motion.  Greece is Happening, and the implications of Greece Happening have already begun, too.

And now they're protesting in Spain, while the crisis continues to deepen.

If You Said "Greece," Congratulations! You Win The Global Economic Dead Pool!

Greek PM warns against 'catastrophic' default  Video and article from Al Jazeera.

Al Jazeera's Tim Friend, reporting from the capital, Athens, said: "The anger is deep and (protesters) resent having to pay the price for the mistakes of others as they see it, the mistakes of banks and financiers."

"The problem for the politicians here is they're being dictated to by the International Monetary Fund and events now taking place elsewhere in Europe with the euro zone finance ministers," our correspondent said.


"They are the ones now calling the shots. The Greeks really are having to simply comply and do what they say."

Crisis point for Greece as it gets loan to stave off default  What will the people do when the banks and government openly defy their wishes?  Well, they're Greek, so the logical answer "Take to the streets!."  Will this event devolve into riots, fighting, insurrection, or worse?  At the moment, Greece's situation looks inevitable, and looks like a Worst Case Scenario no matter the direction.

Everything's getting hotter; everywhere.  Greece is just the opening song of the opening act.

In Related EU Meltdown Madness..

Spanish economy again showing cracks  Americablog.  Excerpts:

This sounds like another "not if, but when" problem for the Spanish economy. The immediate focus today is on Greece but if this bond sale is any indication, Spain may be the next concern. The problems in Greece, Ireland and Portugal will be minor compared to Spain due to the size of the economy.

Greenspan: The 'almost certain' Greece default could cause US double-dip  And he oughta know, considering the major part he's played creating this global financial Apocalypse.  Excerpts:

Some of the most important debate over responsibility for the economic and financial market mess we now find ourselves in comes in the treatment of former Fed chief Alan Greenspan who, surprisingly, keeps popping up in the news after offering opinions to captive audiences as part of a quite lucrative post-Fed career as a public speaker.



What is most surprising about these accounts is that they no longer routinely carry the disclaimers that once adorned nearly every story about the former Fed chairman back in 2007 and 2008 - about how Alan Greenspan is thought to be largely responsible for our current predicament.

Typical of the lot is this report in Bloomberg by Joshua Zumbrun that treats yesterday's speech before a gathering of Credit Union representatives in Washington as the observations of an interested bystander rather than someone who was controlling the most important interest rate levers and directing the nation's regulatory bodies during the gestation period of the monstrous bubble.
And:
By a fairly wide margin, Alan Greenspan was judged "the economist most responsible for causing the Global Financial Crisis" with Milton Friedman and Larry Summers finishing a distant second and third, respectively.

I wonder if Greenspan ever wonders if he'll live long enough to stand trial.

What is this; Day 2?  Video of the Riots in Athens.

The entire Eurozone is under pressure.  How will that intensity manifest?

Breaking: Greece Threatens To Leave Eurozone, Reintroduce Own Currency

If this is true?  Then, Wow..  Here it comes.  From Zero Hedge.  Excerpts:

The debt crisis in Greece has taken on a dramatic new twist. Sources with information about the government's actions have informed SPIEGEL ONLINE that Athens is considering withdrawing from the euro zone. The common currency area's finance ministers and representatives of the European Commission are holding a secret crisis meeting in Luxembourg on Friday night.

Greece's economic problems are massive, with protests against the government being held almost daily. Now Prime Minister George Papandreou apparently feels he has no other option: SPIEGEL ONLINE has obtained information from German government sources knowledgeable of the situation in Athens indicating that Papandreou's government is considering abandoning the euro and reintroducing its own currency.

Alarmed by Athens' intentions, the European Commission has called a crisis meeting in Luxembourg on Friday night. In addition to Greece's possible exit from the currency union, a speedy restructuring of the country's debt also features on the agenda. One year after the Greek crisis broke out, the development represents a potentially existential turning point for the European monetary union -- regardless which variant is ultimately decided upon for dealing with Greece's massive troubles.

Will Greece indeed be the first to leave?  The Euro Zone crisis is already in motion - The question is:  Who topples the domino, how disastrous and complicated is the resulting chain reaction, and how and where will it end?  But the free fall hasn't even started yet, and wondering about the future is pointless when the near term present will be crazy enough.

A failing nation state attempting to decouple from a failing Union.  Again, if true:  This is a big deal.

Global Events: File Under: What You Might Have Missed..

Double volcanic eruption in Kamchatka

Markets get jitters as oil price heads for the sky

Fears that the unrest in North Africa and the Middle East could seriously disrupt oil supplies and throttle the world economy turned to reality yesterday and propelled the price of oil to more than $108 a barrel during trading, the highest since September 2008. It was $85 at the start of the year. The region supplies a third of the world's oil needs.



Analysts said that if the unrest in Libya, a major oil exporter, spread to more important powers such as Iran and Saudi Arabia then "the sky's the limit" for oil prices and $150 a barrel could be reached "without breaking a sweat", with grim implications for economic recovery, inflation and living standards worldwide.

Supposedly quake-proof buildings collapsed

Technically any new structure built in New Zealand has to be able to withstand intense quakes but footage has shown that, although older buildings in Christchurch seem to have been hit the hardest, plenty of newer ones that should have been able to survive a 6.3 quake have also collapsed.

Earthquake Shakes Up Suez Canal as Iran Warships Approach

An earthquake measuring 5.9 on the Richter scale shook up residents at the entrance to the Suez Canal early Monday morning, 48 hours before two Iranian ships, a frigate and a supply vessel, are expected to enter the canal.

The National Institute for Astronomical and Geophysical Research reported that tremors from the 3 a.m. quake lasted for 27 minutes, but caused no damage.

The ships had originally been expected to enter the Suez today (Monday), but Egyptian officials announced the delay this morning, without explanation.
And:
Egypt’s agreeing to allow Iranian ships to pass through the Suez is seen by many analysts as a signal that the new regime in Egypt is leaning towards ties with Iran, but Suez Canal officials have pointed out that an international convention requires it allow passage to all ships.  Egypt has reportedly agreed to allow the Iranian boats to pass through the canal en route to Syria. The Obama administration is concerned about “what’s the cargo on board, where is it going, to whom, for what benefit," U.S. State Department spokesman Philip Crowley told reporters. Iran has said that the ships are headed for Syria for training, Crowley commented, as laughter was heard in the audience: “My initial response to that would be that we’re highly skeptical of that claim.”

Does a cat's purr hold holistic powers?

Which brings me back to that mystical side of a cat’s purr: it’s been suggested that one of the function of the purr is to enable natural healing of the cat’s own body. Cats purr during both inhalation and exhalation with a consistent pattern and frequency between 25 and 150 Hertz. Various investigators have suggested that sound frequencies in this range can improve bone density and promote healing.

THE DUBAI WASTELAND: 40% Of Buildings Are Vacant And Prices Keep Falling

Forty percent of the buildings in Dubai are vacant, according to Arabian Business.

For comparison only 28 percent of homes are vacant in America's ghost town, Detroit.

Now here's the scary part. Dubai hasn't stopped building:
And:
Real estate values have already fallen by over 60 percent

10 American Cities That Are Dead Forever

A city does not die when its last resident moves away.  Death happens when municipalities lose the industries and vital populations that made them important cities.

The economy has evolved so much since the middle of the 20th Century that many cities that were among the largest and most vibrant in America have  collapsed. Some have lost more than half of their residents. Others have lost the businesses that made them important centers of finance, manufacturing, and commerce.

Global community isolates Gaddafi

EU calls for investigation into possible crimes against humanity while US says "all options" are on the table.

Police, protesters clash again in Greece amid budget strike

Police fired tear gas near the Greek parliament on Wednesday as clashes broke out with protesters throwing stones and firebombs during a demonstration against austerity measures, an AFP reporter said.

The confrontation occurred near the finance ministry on central Syntagma Square with police seeking to block protesters from approaching the building as thousands marched in Athens and other major cities in this year's first general strike against wage and pension cuts.
..
At least 36,000 people according to police demonstrated on Wednesday in Athens, Thessaloniki and the port of Piraeus ..  Union sources put the Athens turnout at over 60,000 people.

Baby dolphins dying along oil-soaked US Gulf Coast

GULFPORT, Mississippi – Baby dolphins are washing up dead along the oil-soaked US Gulf Coast at more than 10 times the normal rate in the first birthing season since the BP disaster, researchers said.

Some 17 baby dolphin corpses have been found along the shorelines of Alabama and Mississippi in the past two weeks, The Institute for Marine Mammal Studies said.

"The average is one or two a month. This year we have 17, and February isn't even over yet," said Moby Solangi, director of the Gulfport, Mississippi-based institute.

"For some reason, they've started aborting or they were dead before they were born."
And:
Adult dolphin deaths tripled last year to 89 from a norm of about 30.

CIA Agent Caught Red-Handed Aiding Pakistani Terrorism?

The U.S. at first falsely claimed that Davis was a diplomat with the State Department and should therefore be granted diplomatic immunity:

But the deeper story is that Davis allegedly actively aided and abetted terrorism.

Oh, By The Way, The Country Of Greece Is On Strike..

Greek strike disrupts flights, cripples services.  Excerpts:

A general strike halted public transportation across Greece on Wednesday and led to the cancellation of more than 100 flights at Athens International Airport, as unions stepped up opposition to the country's austerity measures.


State hospital doctors, ambulance drivers, pharmacists, lawyers and tax collectors also joined school teachers, journalists and thousands of small businesses in the 24-hour strike as more middle-class groups took part in the protest than have in the past. Athens' main shopping district was mostly empty, as many small business owners shuttered their stores.
..
The strike halted trains, ferries and most public transport across the country, and idled many airlines at the international airport.
And:
The IMF has said some of the frequent demonstrations against the Greek government's reforms were being carried out by groups angry at losing their "unfair advantages and privileges."  (Can you believe someone from the IMF said that, without a trace of irony?  C'mon..  The group controlling All The Money calling the "have nots"/everyone else on anger for losing privileges? Wow..  Wow..)

Global Revolution, meet Greece;  Greece?  Global Revolution..  But you have met before, right?

This Week In "Other Protests Than Egypt"

Thousands of Albanian protest despite warnings Summary: A peaceful response to a violent reaction. Excerpts:
Tens of thousands of demonstrators gathered in the Albanian capital Tirana Friday for a silent protest closely monitored by police, a week after another demonstration turned deadly. The opposition went ahead with the protest in defiance of international appeals and police warnings, insisting it would be a peaceful gathering to honor the three people killed last week.

The demonstrators headed by the leadership of the opposition socialists and the families of the victims started their march on the government buildings, passing by the spot where the people were shot, placing flowers at the scene in silence.

Organizers said there were 200,000 protesters but AFP journalists put the number at several tens of thousands. Police would give no figure.
And:
Last Friday, tens of thousands of people turned out for a protest rally organized by Rama, calling on the government to resign over allegations of corruption and electoral fraud.

The subsequent clashes between demonstrators and the security forces left three people dead and a fourth critically wounded.

This is the longest ever political crisis in Albania, which began after the opposition disputed the results from the June 2009 parliamentary election.

Not big enough to be close to critical, tensions in Jordan, nonetheless, could flare up from growing discontent with Prime Minister Samir Rifai. Excerpts:

Thousands of people in Jordan have taken to the streets in protests, demanding the country's prime minister step down, and the government curb rising prices, inflation and unemployment.

In the third consecutive Friday of protests, about 3,500 opposition activists from Jordan's main Islamist opposition group, trade unions and leftist organisations gathered in the capital, waving colourful banners reading: "Send the corrupt guys to court".

The crowd denounced Samir Rifai's, the prime minister, and his unpopular policies.
Many shouted: "Rifai go away, prices are on fire and so are the Jordanians.''

Tame, for the moment.. We'll see, won't we? Any finally, the most desperate and volatile of the three, Yemen.. But.. Maybe the Yemeni government has learned a little something from the events of previous weeks. Calls for talks with opposition, warns of conflict Yemen ruling party urges dialogue to halt protests Excerpts:

Yemen's ruling party has called for dialogue with the opposition, the country's state news agency said late on Friday, in a bid to end anti-government protests fuelled by popular unrest across the Arab World.

Thousands of Yemenis have taken to the streets of the capital Sanaa in recent days demanding a change of government, inspired by the overthrow two weeks ago of Tunisian President Zine al-Abidine Ben Al Ben Ali and spillover to Egypt.

"We ... call for the halting of media propaganda and urge all political parties to work together to make the dialogue a success and arrange for upcoming elections," a committee of the ruling General People's Congress (GPC) party was quoted as saying on the website of the Saba state news agency.
And:
Saleh, a key ally of the United States in a war against a resurgent al-Qaeda wing in Yemen, has ruled the impoverished Arabian Peninsula state for over 30 years.

Yemen is trying to quell a secessionist rebellion in its south and cement a truce with northern Shiite rebels.

Security measures at the demonstrations appeared relaxed, but were tight around the interior ministry and the central bank.

The political heat in the Mid East continues to intensify, growing hotter and faster in some areas over others, but growing nonetheless. Day Five in Egypt is already underway. It's gonna get hotter 'fore it cools..

Greece As 6 Million Dollar Man..

"She's breaking up! She's breaking up!"(heh..) The question remains: Can we rebuild him?? Suddeutsche Zeitung: EU prepares for Greece to declare bankruptcy Short, and not sweet excerpts:

According to EU sources in the European capitals it is already running the preparation on Greece to declare bankruptcy, German newspaper Suddeutsche Zeitung announced.
..
Meanwhile, the Ministry of Finance denied preparing an emergency plan for Greece.

Not that Greece isn't going bankrupt, mind you, it's just that France doesn't have an emergency plan in place. Already gone (and probably not ever coming back) is Greece's refugee/asylum system, at least from the German perspective.. Excerpts:

Berlin announced this week that it is halting deportations to Greece for a year, despite European Union rules stating that the first country a refugee arrives in is responsible for processing any asylum request.

Germany's Interior Ministry announced on Wednesday that the new measure is aimed at reducing the burden on Greek authorities, who are struggling to deal with the volume of refugees reaching the country's shores and borders.
And:
Humanitarian organizations, including the United Nations Refugee Agency (UNHCR), have voiced concern about the conditions that asylum seekers and illegal immigrants are forced to endure in Greece, with overcrowded detention facilities and a dysfunctional and overstretched system of assessing asylum claims.

Kind of like their banking system! Speaking of which, the Finance Minister says that Greece won't try debt re-structuring(read; anything new) as it might worsen the country's financial situation. Instead, they'll continue to follow the EU/IMF approved directives for their bailout. Although they wouldn't mind to(unofficially) stretch those payments out a little..

Hell, it's worked really well so far!

Just In Case You'd Forgotten Greece Was In Meltdown..

2,000 locals attack riot police with Molotov's, sticks, stones and gun shots in Keratea, Attica; Athens gears up for long week of anti-cuts mobilisations and General Strike

In the past two days, local residents of the area of Keratea in Attica (Greater Athens) have been engaged in a fierce battle with riot police (MAT). The riot police are there to protect the construction of a waste burial site (HITA). Such burial sites have not only been judged to be illegal by European courts but additionally, the site in Keratea is of archaeological significance.

On Saturday, riot police arrived at the site to protect the ongoing construction works from the enraged locals. Clashes quickly erupted, with locals attacking the police with sticks, stones and scores of Molotov cocktails. The police responded with tear gas while for the first time ever in Greece, water cannons also made their appearance. On Sunday evening, gunshots were aimed in the direction of the police from nearby hills.

And there's a General Strike scheduled for Wednesday. As Greece's economy deteriorates, so does Grecian society. Don't look for an improvement in Greece's overall situation, either. No one seems to be getting anything right that might prevent catastrophe.

And, please don't forget who caused this crisis in the first place.. (Short answer: Creation of the Euro, Bankers gone wild, and Governments guaranteeing banker's gone wild bad debt.)